Despite steady increases in the number of Black-owned businesses, significant challenges for Black entrepreneurs remain. According to Statistics Canada, Black-owned businesses are less profitable than white-owned businesses and more likely to have fewer than five employees. When surveyed, more than 75 per cent of Black entrepreneurs reported that they believe their race affects their ability to succeed in business.

To combat these structural barriers, U of T Entrepreneurship launched the Black Founder’s Network (BFN) in 2021. The BFN aims to create an inclusive community built by and for Black founders, supporting them at every stage of their entrepreneurial journey. 

Current BFN programs

The BFN offers five programs, each tailored to different community members and stages of an entrepreneur’s journey.

BFN’s Core program supports Black founders who are beginning their entrepreneurial journey. In the Core program, more experienced founders and mentors introduce critical skills and resources to help aspiring entrepreneurs. Additionally, beginner entrepreneurs can apply for the Smart Start Awards. In conjunction with the Core program, successful applicants of the Smart Start Awards will receive $4,000 to develop their business. 

For early-stage startups beyond the ideation stage, the BFN Accelerate program provides structured support to help founders build and grow their company. Examples include a $4,000 hiring grant as well as templates for operations and HR functions. Through mentorships, business support, and access to Black professional networks, the Accelerate program encourages growth and investment in fledgling startups. 

For larger startups preparing to expand into established ventures, BFN Scale focuses on strengthening, increasing, and refining current operations, revenue streams, and business strategy. The program also prepares businesses for larger-scale opportunities, like increased focus on research and development, expansion, and intellectual property rights.

The BFN also offers the Black Career Advancement Program (BCAP) for youth. By participating in this program, Black youth aged between 18–35 will be provided the necessary skills and knowledge for career success. Specifically, BCAP pairs talented, ambitious Black youth with Black-owned companies in need of skilled labour. 

Finally, BFN empowers Black women founders and investors in their Be Her program. It promotes entrepreneurship as a pathway to community building and generational wealth. They specifically want to spotlight women founders and provide them with support to receive direct funding and resources.

Successes of the 2025 cohort

Since the program’s launch in 2021, BFN has supported over 15,000 Black community members. Black founders have also attracted more than $50 million in funding from investors through the program’s resources. Leveraging the raised funding and skills through BFN mentors, participating companies have raised over $45 million in revenue. 

In the 2025 cohort, 24 inspiring Black entrepreneurs completed the program. Out of the 24 founders, 42 per cent (10 out of 24) were male, while 58 per cent (14 out of 24) were female. Given that Statistics Canada reports that approximately three-quarters of all Black-owned businesses are owned by men, BFN’s gender-balanced cohorts and its Be Her program reflect a deliberate commitment to advancing Black women entrepreneurs. 

The 2025 cohort spanned five industries and was organized into groups according to the type of innovation each founder championed. “Builders” focused on providing AI and digital solutions to prospective businesses, non-profits, and startups. “Healers” promoted solutions to improve wellness, with unique approaches to cervical disease diagnoses. The “Changemakers” centred advocacy, ranging from environmental sustainability to teacher empowerment. Finally, “Craftsmen” proudly advanced innovative non-alcoholic drinks, skincare, and menstrual products.

The BFN has been recognized for the change and efforts it is making to break structural barriers and empower Black founders. In 2022, they received the Minister’s Award of Excellence, and in 2024, they received the Inclusive Excellence Award. In 2025, the BFN received The Globe and Mail’s Change Maker Award for making strides in business and filling industry gaps. 

Built by us, for us

Despite Black founders continuing to face difficulty accessing funding and mentors to help in their entrepreneurship, initiatives like U of T Entrepreneurship’s BFN seek to bridge the gap between Black innovation, entrepreneurial resources, and success in the Canadian market. 

Unlike other funding initiatives, the BFN focuses on the lived experiences and realities of Black entrepreneurs to ensure their success. In a 2021 article published by U of T, Efosa Obano, the program manager of the BFN, stated that Black founders “felt uncomfortable when they were trying to build something, but the people who were supposed to help them couldn’t relate to their lived experiences, and wanted them to build something different.” 

With the community, mentor-driven support, and targeted programs, the BFN is anything but unaware of the reality of being a Black entrepreneur. Rather, since its founding, the BFN has become a space where founders can develop, grow, scale, and succeed on their own terms with the support of other Black entrepreneurs.